No safe haven: Swiss National Bank to charge 0.25% for deposits

The Swiss National Bank on Thursday said it would introduce a negative exchange rate of 0.25 percent on sight deposit account balances at the central bank as it seeks to deter safe-haven buying.

In recent weeks, the franc has edged closer to its 1.20 per euro ceiling as the euro weakens on expectations the European Central Bank will launch full-blown quantitative easing early next year.

The SNB said it would expand the target range for three-month Libor to -0.75 percent to 0.25 percent. It plans to levy a negative interest rate on balances above 10 million Swiss francs.

Reuters

Your guide to the latest cricket World Cup stories, analysis, reports, opinions, live updates and scores on https://www.firstpost.com/firstcricket/series/icc-cricket-world-cup-2019.html. Follow us on Twitter and Instagram or like our Facebook page for updates throughout the ongoing event in England and Wales.

Updated Date: Dec 18, 2014 13:10:18 IST